Well, this weekend in my post entitled the “Diabolical Candle” I outlined how perfectly bearish last week’s candle was for silver and silver miners, and that it was so perfect that it made me suspect it could shape up to be one of the most devious shakeouts we will ever see.

That shakeout scenario is obviously clearly on the table now.

The close on Friday is going to be be huge.  If $silver is able to take out last week’s high next week or even a month or two from now without making a lower low, I will chalk up last week’s action as the greatest shakeout I have ever seen in 20 years of investing, beating the week January 19, 2016 easily for me.  Fair play to the banksters if that is how it plays out, because they got this diehard bull to cough up his shares after holding for over 4 years.

If SLV is able to break back above the flat underside of the cloud, it will pretty much confirm the hussle.  It’s also possible silver consolidates just under the cloud for a few weeks before continuing higher.

SLV as of today is also back above the weekly Ichimoku cloud, which is critical for bulls IMO.  Based on the events of yesterday and today, does anyone really expect it to close below the cloud by this Friday?